At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is having a decent start to the week. The benchmark index is currently up 0.5% to 7,031.4 points.
Here’s what is happening on the ASX 200 today:
Zip to acquire Sezzle for $491 million
The Zip Co Ltd (ASX: Z1P) share price is in a trading halt on Monday while it seeks to raise almost $200 million via a capital raising. This follows news that the buy now pay later (BNPL) provider has signed an agreement to acquire rival Sezzle Inc (ASX: SZL) in an all-scrip deal valued at $491 million. The funds from the capital raising will be used to support their combined growth plans.
Allkem shares fall on half year results
The Allkem Ltd (ASX: AKE) share price is falling on Monday following the release of its half year results. This morning the lithium miner reported first half revenue of US$192.3 million. This was driven by a 142% increase in Olaroz revenue to US$65.6 million and a four-month contribution from the Mt Cattlin business following the Galaxy-Orocobre merger. Management also revealed that it expects lithium prices to be even stronger in the second half.
InvoCare shares rise on full year results
The InvoCare Limited (ASX: IVC) share price is pushing higher today following the release of its full year results. For the 12 months ended 31 December, the funerals company reported an 11% increase in revenue to $532.5 million and a 51% jump in operating earnings per share to 31.6 cents. Management commented: “Recovery in the key value drivers of core operating earnings as well as a robust recovery in the mark-to-market (MTM) valuation of Prepaid Funds Under Management have driven this growth in Reported Profit.”
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the GrainCorp Ltd (ASX: GNC) share price with a 5% gain on no news. Though, with Russia being a major grain exporter, investors may expect GrainCorp to benefit from Russian sanctions. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline after it went ex-dividend.
The post ASX 200 (ASX:XJO) midday update: Zip to buy Sezzle for $491m, GrainCorp storms higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Sezzle (ASX:SZL) share price on watch after accepting Zip takeover offer
- Zip (ASX:Z1P) share price halted after announcing results, capital raising, and Sezzle acquisition
- Allkem (ASX:AKE) share price higher amid results and ‘surging demand for lithium’
- These are the 10 most shorted ASX shares
- 5 things to watch on the ASX 200 on Monday
Motley Fool contributor James Mickleboro owns Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/REs2NtY
Leave a Reply